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July launch for exclusive condos in Danga Bay
by Ravi Nambiar
AZEA Properties, the Singapore consortium behind Johor's latest high-end condominium project in Danga Bay, is targeting to hold its first sales launch in July this year.
To be called Azea Properties @ Danga Bay (APDA), the exclusive development on 4.15 acres of prime waterfront land will comprise four luxury serviced apartment blocks, each 40 storeys high.
Its main proponent and brainchild Tan Yang Po said she anticipates no problems with sales as "the first block of 200 units has already been fully booked".
"In fact, response has been so overwhelming we have now started taking bookings for the second block," she said.
Tan, through her Singapore incorporated company, Imperial Marina Pte Ltd, is partnering two companies linked to local property and construction tycoon Datuk Lim Kang Hoo to spearhead the development.
The Singaporean will hold a 30 per cent equity in the development while the local joint-venture partners - Danga Bay Sdn Bhd and Pembinaan Sahabatjaya Sdn Bhd - will have a 37 per cent and 33 per cent share respectively.
Tan said the first block has been booked mainly by Singaporeans, Japanese, South Koreans, Taiwanese and Indonesians.
"They are attracted by the development's design and features which are comparable to some of the best in Singapore but without the same price tag.
"They are also confident that we, as the Singapore partner, will ensure that the development will be meticulously planned, executed and delivered to purchasers as promised."
APDA's expected gross development value of RM500 million will be derived from the sale of 800 residential units as well as shops that will be integrated into the development.
Initially, the units will be tagged from RM698psf - a benchmark for Johor Baru - with a typical one-room studio going for RM315,000 and a penthouse for over RM1 million each.
Subsequently, Tan said, prices will be revised upwards to RM750psf due to public response and the long waiting list for units in the second block.
Purchasers can expect their investment to come with top quality features such as extensively landscaped parks, seven floors of car- parking, observation lifts, infinity pools as well as world-class security systems.
Work on APDA, which will be along the former Lido Beach and involving major land reclamation works, will commence later this year with completion scheduled for 2014.
Danga Bay's joint venture with Imperial Marina is the second land deal it has done - in August, its subsidiary Iskandar Waterfront entered into a 60:40 partnership with Dijaya Corp Bhd for a high- end condominium and retail units on 37 acres.
The company owns 250 acres of prime waterfront land fronting the Straits of Johor and overlooking Singapore.
Copyright 2011
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